I’m starting to feel like a broken record, but now we need to hold Punxsutawney Phil accountable for seeing his shadow and predicting more tight inventory. If he’s correct, we only have four more weeks. Let’s hope that’s the case!
This week we saw 195 new listings come online in the Seattle/Bellevue/Kirkland areas that we’re closely monitoring and 43 are already sold. New listings are up 4% this week (also up 7% last week), but percent sold the same week is up 59%. This means new inventory is basically flat, but it’s selling faster which means we’re on track for even tighter inventory.
Here’s how that breaks down by each region we’re tracking. Most of the action was on the Seattle side of Lake Washington this week with it evenly spread around Seattle. Nearly all of the sales activity was on the Seattle side too, but as we mentioned above, these number of these new listings that came online and sold the same week was up 59% from last week. These numbers are up in all areas. This is going to be an important ratio to watch as we head into the busier months ahead. If we don’t get more inventory coming online to match demand, we’re going to see another year of double-digit appreciation. Which is great for sellers, but terrible for buyers.